Does bankruptcy equal homelessness

[jc33769]

I haven't worked since 8/2021, for a number of reasons... the 2 most important reasons being, 1) a destroyed knee that vastly effects and limits anything I can do (standing more than a few minutes, walking a couple of blocks, stairs......nope, sitting even long enough to commute somewhere. .nope.... and massive depression (spanning the great expanse of the before now, to the now). I could vomit a plethora of other also pathetic excuses (just spit it out right)...... but my major question is... I'm in Missouri. My very meager, ghetto home is paid off. If I file bankruptcy, will I be forced to sell my place. and be homeless

[justbroke]

Welcome to BKForum. It seems we're all failing apart these days. I wish you better.

As to your question, I believe it's going to be tough given Missouri's bleak homestead exemption. From my casual reading, it appears that the Mo. homestead exemption is only $15,000 with the mobile home exemption being $5,000. Paltry, especially if you're comparing Florida's unlimited homestead exemption.

Best thing to do is to determine whether you are otherwise uncollectible. In other words are you what they call "judgment proof" (an indication that a creditor could never get money from you anyhow).

What type of home do you own (mobile, townhouse, condo, single family, etc.)?
What other property do you own (car, furniture, 401(k), retirement, etc.)?

You're going to need an assessment from an attorney licensed in your State to get down to the details. The first thing is to determine just how much exposure you have (which is what you are asking).

[jc33769]

Thanhs, I figured ridiculous Missouri would find a way to screw everyone. I own (outright) a tiny detached home built in 1908, or 1910. or 1912 (why that is an impossiossibilty to proclaim. i have no idea. It is in a constantly deteriorating, crime filled area(so why am I even concerned about it,,,, because it is the best I can do and will be homeless w/o it

[justbroke]

The value of the home is going to be the key. There may be some things an attorney can fashion but, as you realize, exposed equity in a home is a major issue in a Chapter 7 bankruptcy. If you had "some" regular income, you could propose a Chapter 13, but you'd just be buying the equity back from yourself (by paying the creditors over the life of the Chapter 13).

Sounds like it's time to obtain a free consultation from 3-5 local attorneys and get their take.